CANADA LIFE ASSURANCE Co Decreases Stake in Paychex, Inc. (NASDAQ:PAYX)

CANADA LIFE ASSURANCE Co lessened its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 0.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 433,698 shares of the business services provider’s stock after selling 2,308 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.12% of Paychex worth $53,290,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. ESL Trust Services LLC acquired a new stake in Paychex during the first quarter worth approximately $31,000. Chilton Capital Management LLC purchased a new stake in Paychex in the first quarter valued at $31,000. Clear Investment Research LLC lifted its position in Paychex by 55.8% in the fourth quarter. Clear Investment Research LLC now owns 307 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 110 shares during the last quarter. Tidemark LLC acquired a new position in Paychex in the fourth quarter valued at $40,000. Finally, Criterion Capital Advisors LLC purchased a new position in shares of Paychex during the fourth quarter worth about $40,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Price Performance

Shares of Paychex stock traded down $0.47 during trading on Wednesday, reaching $123.24. The company’s stock had a trading volume of 2,783,942 shares, compared to its average volume of 1,864,876. The business has a 50 day moving average price of $121.93 and a 200-day moving average price of $121.74. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.70. The company has a market capitalization of $44.38 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 3.25 and a beta of 1.00. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 EPS. As a group, sell-side analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th will be issued a $0.98 dividend. The ex-dividend date is Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a yield of 3.18%. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Bank of America boosted their target price on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Thursday, June 27th. Morgan Stanley reduced their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, June 27th. Robert W. Baird lowered their price objective on shares of Paychex from $126.00 to $124.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of Paychex in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, Paychex currently has a consensus rating of “Hold” and an average target price of $122.46.

Insider Activity

In related news, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares in the company, valued at approximately $51,287,448.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction on Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the completion of the transaction, the chairman now owns 437,345 shares of the company’s stock, valued at approximately $51,287,448.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John B. Gibson sold 12,670 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the completion of the sale, the chief executive officer now directly owns 55,745 shares in the company, valued at $6,663,199.85. The disclosure for this sale can be found here. In the last three months, insiders sold 133,869 shares of company stock worth $15,870,933. Company insiders own 11.50% of the company’s stock.

Paychex Company Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.